Most people do not accept the fact that cryptocurrency is the future of money. Let me break down the concept of cryptocurrency simply in my own words.
Firstly, what is money? In ancient times, trading started with the so-called barter system. People exchanged one good for another. Later, coins came into existence followed by paper money.
Economists define money as anything commonly accepted by people for the exchange of goods and services. Although every country has its system of coins and paper money, other things can also often be used as money. YES, cryptocurrency too.
Cryptocurrency is digital money traded through blockchain. Bitcoin is the first of its kind introduced by a group of people by using the name Satoshi Nakamoto in 2008. It is the same as the transformation of coins to paper money with time.
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